Nowadays, card payments have become so much widespread that it’s uncommon to see businesses accepting only cash. Card payments allow businesses to provide multiple payment options for their customers, which results in increased sales and boosts customer satisfaction. How can you, as a small business, accept card payments?
Accepting Card Payments
Did you know that about 80% of U.S. consumers keep at least one credit card in their wallet? Credit cards were used to complete over 1/4 of all payments completed in 2020.
Credit card payments enable businesses to increase sales and enjoy quicker and easier payment transactions, as compared to cash. Moreover, card payments offer increased security, which can’t be said about cash payments that you need to protect by regularly visiting your bank.
For in-person card payments, the majority of modern point-of-sale (POS) systems use a built-in credit card reader or are designed with a detached terminal. The majority of readers can be used for accepting magnetic stripe cards, EMV chip cards, and contactless cards.
As for online credit card payments, your payment account needs to get connected to your eCommerce site. The majority of the well-known processing services that online retailers use these days simplify the integration, often through a code that can be copied and pasted.
Online Payments for Your Small Business
No matter what type of business you’re running, it’s important to enable your customers to make payments online. After all, they like the convenience and you like increased sales.
To accept secure payments online, you need to work with a respectful merchant processor like First American Merchant. FAM is a BBB-accredit alternative online lender and processor that offers the cheapest possible fees for payment processing solutions and funding for a small businesses.
One of the reasons why consumers love credit cards is that they can dispute charges for the products or services they weren’t satisfied with. Thankfully, First American Merchant provides unmatched fraud prevention and chargeback mitigation services to help merchants avoid excessive chargebacks.
Accepting Credit Card Payments for Your Small Business
Today, it’s critically important to accept online payments from your customers. Work with a reputable payment processor for secure, affordable, and advanced merchant processing services.